Market Reports

Warren County Market Report – February 2019

Watch this video for a quick summary of Warren County real estate for February 2019.  Charts demonstrate the changes in the market, so be sure to click play!

In general summary:

  1. Closed sales (28 units) is significantly down by -37%.
  2. Average Median Sold $209,950. This number is up from February 2018 but down from last month January 2019 ($224K).
  3. Average Days on Market 110. January 2019 we were only at 69 DOM.

Looking forward to the spring market, we anticipate closed sales to improve.  It is not clear why closed sales decreased so much.  Reports indicate the available homes on the market has not dipped compared to last year.  Could the government “shutdown” have created delayed closings?

To help answer this question, let’s ask a few local industry experts.

Tim Fusaro of Commonwealth Home Lending confirmed, “The government shutdown affected several of my USDA loan closings pushing them back into a March close date.” Fusaro continued, “We saw low purchase volume in January and February because USDA loans are utilized by a large percentage of home buyers in Warren County. USDA loans require RD approval prior to closing and those employees were furloughed. Even those purchasing homes with loans that don’t require any direct federal involvement prior to closing seemed to be discouraged and hesitant to move forward with purchasing homes. Rates began dropping in December of 2018 and we didn’t start to see the effect of that until mid February.”

Bill Tribus of Clear Title and Escrow challenged we research back additional years to determine the closed sales trend through 2016.  Here is what was found

Closed sales 2016: 40

Closed sales 2017: 42

Closed sales 2018: 45

Closed sales 2019: 28

Tribus commented, “Considering the number of government funded loans that are currently popular in our area, and the lengthy government shutdown, these factors could definitely be contributors for this significant drop.”

A second lender, Molly Llewellyn of CBM Mortgage confirmed she experienced a USDA loan delay this month. NextHome Realty Select broker, Curtis Siever concluded this brief investigation by adding, “Our local brokerage had two USDA loans scheduled to close in February pushed to March.”

*If you would like a copy of this report emailed to you, please just send your request to Jennifer@nexthomerealtyselect.com.

Resource: 2019 Market Stats by ShowingTime

MRIS: Statistics calculated March 6, 2019

Jennifer Avery, Realtor for NextHome Realty Select BPOR, SRS, CNE, ASP, E-Pro Certified | Licensed in VA jennifer@nexthomerealtyselect.com | 540-683-0790

210 E Main Street, Front Royal VA | www.nexthomerealtyselect.com

#JenAveryRealtor #FrontRoyalRealEstate #ShenandoahValley  #WarrenCounty  #HopeHappinessHome

Warren County Market Report – January 2019

Watch this video for a quick summary of Warren County real estate for January 2019.  Charts demonstrate the changes in the market, so be sure to click play!

In general summary:

  1. Volume is down.  Less homes on the market and less closings compared to January 2018.
  2. Median Sold Price closed at $224,000 for January 2019 which is up compared to January 2018.  However the month of December 2018 closed out with a median sold price of $267,450.
  3. Days on Market – down to 69 compared to 106 in 2018!

  *If you would like a copy of this report emailed to you, please just send your request to Jennifer@nexthomerealtyselect.com.

 Resource: 2019 Market Stats by ShowingTime | MRIS: Statistics calculated February 06, 2019

#JenAveryRealtor #FrontRoyalRealEstate# ShenandoahValley #WarrenCounty #HopeHappinessHome

Warren County Market Report – December 2018

Watch this video for a quick summary of Warren County real estate for December 2018.  Charts demonstrate the changes in the market, so be sure to click play!

In general summary:

  1. Volume is down.
  2. Values are up.  (Median Sold Price up at $267,450.)
  3. Homes are sitting on the market 10 days longer than 2017.

 *If you would like a copy of this report emailed to you, please just send your request to Jennifer@nexthomerealtyselect.com.

 Resource: 2018 Market Stats by ShowingTime | MRIS: Statistics calculated December 06, 2018

#JenAveryRealtor #FrontRoyalRealEstate#ShenandoahValley #WarrenCounty #HopeHappinessHome

Warren County Market Report – November 2018

Watch this video for a quick summary of Warren County real estate for November 2018.  Charts demonstrate the changes in the market, so be sure to click play!

In general summary:

  1. Volume is about the same as last year.
  2. Values are slowly going up.
  3. Homes are selling slightly quicker. (79 DOM)

  *If you would like a copy of this report emailed to you, please just send your request to Jennifer@nexthomerealtyselect.com.

 Resource: 2018 Market Stats by ShowingTime  |MRIS: Statistics calculated December 06, 2018

#JenAveryRealtor #FrontRoyalRealEstate#ShenandoahValley #WarrenCounty #HopeHappinessHome

 

Warren County Market Report – October 2018
Here is a quick summary of some of the numbers for Warren County in the world of real estate for October 2018 as reported in this video.  As you can see, list price and average sold prices are up from last year.  This is good news for those of you listing this year.  Although new listings are up just by 8 units in October, the number of active listings is down.   The average days on market was not available this month, but for September it was approximately 70 days.
An important number to add to this report is the average sold price compared to the original list price ratio.  There was only a change of -1.68%.
Sold Dollar Volume UP 2%
Average Sold Price UP 12% | 270K (Oct 2018) vs 239K (Oct 2017)
Median Sold Price UP 9%
Units Sold DOWN 9%
Average List Price for Sold UP 11% | 275K (Oct 2018) vs 247K (Oct 2017)
Active Listings DOWN 10% | 254 (Oct 2018) vs 283 (Oct 2017)
New Listings UP 10% | 88 (Oct 2018) vs 80 (Oct 2017)
*If you would like a copy of this report emailed to you, please send your request to Jennifer@nexthomerealtyselect.com.
Special thanks to the children in the Warren County MORE Program.  It was a fun twist on reporting numbers.  This activity also brought new awareness to the students!